Why are Venezuelan not switching to Bitcoin?

[STT]

Someone should sneak in some bitcoin on a usb stick and setup shop,  start splitting it up for people to be swapping as proxy dollars; it basically is that at this point.   Thats when it becomes a useful product to people because they literally being denied the simple freedom of reliable exchange in their trading everyday

[Atdhe]

Sure, the US-Dollar is the first currency for average Joe in Venezuela to save wealth from inflation. However, USD are very hard to get in those times like this in Venezuela. You need to purchase it on the black market with at least 30-50% addition compared to the current exchange rate. Bitcoin or other crypto would be much cheaper to get.

Because it is hard to get into for the average man. No matter what these extremist libertarians will try to tell you.

The problem is that even those with internet access are not shifting.
They prefer the dollar. 

Bitcoins will not be cheaper than USD. Both USD and BTC are hard currency in Bolivia and are sold for the same premium. The "current exchange rate" is just some artifical rate that nobody except big companies can use. Bitcoin market in Venezuela https://surbitcoin.com is defacto the same black market.

[Pierre 2]

Because it would not really change a thing in long term.
You need better economic values to have strong national currency.
Economy is zero sum game, if you are weaker than us people in terms of production and other things.
You will have weak currency. That's the rule.

[STT]

US dollar is way stronger then its actual economy because its supported by other countries as a reserve currency.   So Im not sure its totally simple, they have alot of confidence placed in dollar that other countries do not have.   That is justified in many cases by default and revolutions and so on meaning that money is not happily held long term by big institutions.
     Same deal could apply to bitcoin, Im sure the majority of possible users have no faith that is a currency they can trust over night to maintain its worth.   Just that simple factor can double worth attributed I think

[Doamader]

Thats very easy if anyone tries to open an exchange to allow them to buy bitcoin, and then sell them as they need, the country will take those people to prison, because they would affect the way they manage the country with hiperinflaction, i remember some people get jail because they were mining bitcoins, just that, did you imagined you invest and get money from those, and the country comes and say you cant make money just us can.

[outatime1]

If the government would allow it, bitcoin would be a good place for Venezuelans to store their money. They could hold their funds in bitcoin rather than saving accounts and potentially increase their money.

[OROBTC]

Someone should sneak in some bitcoin on a usb stick and setup shop,  start splitting it up for people to be swapping as proxy dollars; it basically is that at this point.   Thats when it becomes a useful product to people because they literally being denied the simple freedom of reliable exchange in their trading everyday

STT

That's the way I would try to do that were I connected to Venezuela (I visited there twice long ago).  Once *some* people see & understand Bitcoin, there would be some demand for sure.

To me there are two big problems however:

1)  As mentioned above, the authorities might not look kindly on that, and lock you up!

2)  Venezuela has problems just producing enough goods to feed their people and take care of basic need.  Barter might work better (?)

[John Constantine]

I ask myself the same question, it could solve many well-known economic problems in the location,
the inflation rate is really insane and the population pays a high cost for it.

[Yakamoto]

#1: Where would they be able to buy Bitcoin in Venezuela? To my knowledge what they have access to is incredibly limited, and there are no real physical exchanges from what I know.

#2: What would they be able to use Bitcoin on? Since there's already a lack of a Bitcoin presence in Venezuela there's going to be an even harder time for them to find stores that accept Bitcoin in exchange for whatever good they're going to need or be looking for.

While having Bitcoin be there to help Venezuelans save their money's value, I don't think it matters much now because basically all their money has to go into surviving now.

[lionheart78]

#1: Where would they be able to buy Bitcoin in Venezuela? To my knowledge what they have access to is incredibly limited, and there are no real physical exchanges from what I know.

#2: What would they be able to use Bitcoin on? Since there's already a lack of a Bitcoin presence in Venezuela there's going to be an even harder time for them to find stores that accept Bitcoin in exchange for whatever good they're going to need or be looking for.

While having Bitcoin be there to help Venezuelans save their money's value, I don't think it matters much now because basically all their money has to go into surviving now.

This is the analyzation some bitcion enthusiast missed when they view things.  there should be realization in every plan.  In a country even a small adjustment cost them million of dollars.  Rather than spending it to an unknown currency to them, they would likely give it to people and make a use for it or corrupted official just put it in their own stash for future reference

[universe_]

Someone should sneak in some bitcoin on a usb stick and setup shop,  start splitting it up for people to be swapping as proxy dollars; it basically is that at this point.   Thats when it becomes a useful product to people because they literally being denied the simple freedom of reliable exchange in their trading everyday

it would be really great, in my opinion there needs to be something done in order for the whole situation to get better as soon as possible

[bit1]

The Venezuelan people are suffering under high inflation (official inflation rate is 124%, inofficial rate is 720%). Why do they not switch to Bitcoin or alternative coins? Do they not know about Bitcoin or do they do not have access to Bitcoin buying options? This is really a mystery for me  

I ask myself the same question, it could solve many well-known economic problems in the location,
the inflation rate is really insane and the population pays a high cost for it.

IMHO perhaps the biggest problem is the shortage of consumer goods such as food and  absence of economic safety  due to economic crisis and lack of work opportunities this would be better explained in Maslow's hierarchy of needs https://en.wikipedia.org/wiki/Maslow%27s_hierarchy_of_needs,  I mean that maybe they be more concerned about things much more basic for now.

[Doamader]

#1: Where would they be able to buy Bitcoin in Venezuela? To my knowledge what they have access to is incredibly limited, and there are no real physical exchanges from what I know.

#2: What would they be able to use Bitcoin on? Since there's already a lack of a Bitcoin presence in Venezuela there's going to be an even harder time for them to find stores that accept Bitcoin in exchange for whatever good they're going to need or be looking for.

While having Bitcoin be there to help Venezuelans save their money's value, I don't think it matters much now because basically all their money has to go into surviving now.

The thing is the politicians wont allow any kind of companie working or offering bitcoin to people save their money at. I saw a report about the long wait to try to get food, and all days the price is different, the products arrive and are sold instant, usually isnt enought to cover all people needs. Its insane how a country can make those with their own people. Some people save some money, but those money loose power over the time, with bitcoin it would keep stable.

[Atdhe]

I ask myself the same question, it could solve many well-known economic problems in the location,
the inflation rate is really insane and the population pays a high cost for it.

The inflation is the only way how to handle debts for them. The inflation does not come out of blue. Inflation of fiat money is always on purpose.

[Atdhe]

#1: Where would they be able to buy Bitcoin in Venezuela? To my knowledge what they have access to is incredibly limited, and there are no real physical exchanges from what I know.

#2: What would they be able to use Bitcoin on? Since there's already a lack of a Bitcoin presence in Venezuela there's going to be an even harder time for them to find stores that accept Bitcoin in exchange for whatever good they're going to need or be looking for.

While having Bitcoin be there to help Venezuelans save their money's value, I don't think it matters much now because basically all their money has to go into surviving now.

The thing is the politicians wont allow any kind of companie working or offering bitcoin to people save their money at. I saw a report about the long wait to try to get food, and all days the price is different, the products arrive and are sold instant, usually isnt enought to cover all people needs. Its insane how a country can make those with their own people. Some people save some money, but those money loose power over the time, with bitcoin it would keep stable.

This is lunatic thread. I already posted here that Venezuela has its own working bitcoin exchange: https://surbitcoin.com/
It is working well. Anyone in Venezuela can buy or sell bitcoins.

[Atdhe]

US dollar is way stronger then its actual economy because its supported by other countries as a reserve currency.   So Im not sure its totally simple, they have alot of confidence placed in dollar that other countries do not have.   That is justified in many cases by default and revolutions and so on meaning that money is not happily held long term by big institutions.
     Same deal could apply to bitcoin, Im sure the majority of possible users have no faith that is a currency they can trust over night to maintain its worth.   Just that simple factor can double worth attributed I think

Of course it is not that simple. There are numerous cases where quite strong economics had high inflation (e.g. Israel). there are numerous cases where economics had no inflation and are shit (economics of IIIrd worldcountries that peg their currency to USD or EUR).

Yes, some states in shit with high debt simply decide to pay the debt with inflation and money priniting. So there is higher probability that economy in shit will have also shit currency. But that is not always the case. Some troubled economics can choose the way with paying the debt with hard currency and not to decimate their money.

[angaper]

Unfortunately Latin American people has been very far from technological advances because of their poor educational levels. When someone is always struggling to survive, perhaps this technological inclusion is not a priority for them because of the daily needs to be covered.

[ontrackk]

Because it would not really change a thing in long term.
You need better economic values to have strong national currency.
Economy is zero sum game, if you are weaker than us people in terms of production and other things.
You will have weak currency. That's the rule.

thats true, in my opinion the key problem is not the possibility to change to bitcoins, the financial system as whole thing should be changed

[DashCoinDark]

The system is rigged in a way that money is king. So you control the money you control the people and bitcoin can change that right?
I believe so but in this situation we are dealing with people that need to provide for their people and a government that wants to stifle any alternate currency.
You factor in that people needing to get bitcoin are going to be overly exposed to being robbed till atms are setup and its more understandable why these poor countries are not adopting bitcoin.

When you are surviving in life things are totally different for you in priorities.

Not sure on why but maybe because most people there do not have access to the internet and you need that if you want to kae use of Bitcoin.
Do not quote me on that but that is what I thought if I am wrong then let me know.

[tyz]

Venezuela is not a third world country. Most people have access to the internet there. I came to the conclusion, that the real problem probably is that most do not even know about Bitcoin and probably most do have other problems. In such a situation where trust is lost in authorities and many other organizations, even something like Bitcoin could be seen suspicious and they may consider other established ways to save wealth: Gold for instance.

The system is rigged in a way that money is king. So you control the money you control the people and bitcoin can change that right?
I believe so but in this situation we are dealing with people that need to provide for their people and a government that wants to stifle any alternate currency.
You factor in that people needing to get bitcoin are going to be overly exposed to being robbed till atms are setup and its more understandable why these poor countries are not adopting bitcoin.

When you are surviving in life things are totally different for you in priorities.

Not sure on why but maybe because most people there do not have access to the internet and you need that if you want to kae use of Bitcoin.
Do not quote me on that but that is what I thought if I am wrong then let me know.